Readings: Rupee ETN, Mumbai real estate, Advance taxes
- Index Universe: Chinese, Indian Currency ETNs Launch
The Market Vectors - Chinese Renminbi/USD ETN (NYSE Arca: CNY) and Market Vectors - Indian Rupee/USD ETN (NYSE Arca: INR) are the first exchange-traded products to offer exposure to those two currencies. They launched today on NYSE Arca.
The notes are designed to go up in value when the named currency appreciates against the U.S. dollar, and down when the dollar strengthens. The ETNs are underwritten by Morgan Stanley, and Van Eck is the marketing agent. The notes charge 0.55% in annual fees.
. . . unlike most currency products, they earn interest based on the U.S. Federal Funds interest rate … not local interest rates.
Launched near an intermediate bottom in the USD?
India’s commercial capital Mumbai failed to sell all plots at a land auction today for the first time since 1995 as slumping global markets deterred buyers. The metropolitan authority will raise 13.2 billion rupees ($326 million) from the auction after two out of five blocks on offer failed to attract any bids . . .
Jet Airways paid 344,448 rupees a square meter in today’s auction. The reserve price, or the minimum developers were asked to pay, was 300,000 rupees a square meter for the office properties and a block designated for a club house and sports facilities that failed to sell.
The metropolitan authority still has another 20 hectares (49 acres) in the Bandra-Kurla area yet to be sold.
- Business Standard: Advance taxes buck slowdown
Latest indications suggest advance tax collections, which are paid on the basis of internal estimates of profits, are likely to be over Rs 50,000 crore in the fourth quarter till March 15 this financial year across India.
Finance ministry sources said the trend shows that advance tax collections have grown at a similar pace as overall direct tax collections, which have grown over 40% so far this fiscal.
. . . advance tax figures showed that banks, hospitality and software are doing better than sectors like automobiles and cement.
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